New Jersey governor signs fixed odds horse racing bill
New Jersey Gov. Phil Murphy signed legislation allowing fixed odds wagering on horse races at Monmouth Park, making the Garden State in line to become the first in the US to allow the type of wagering on horses.
The legislation is awaiting approval from the New Jersey Racing Commission and the Division of Gaming Enforcement.
If passed, bettors at Monmouth Park in Oceanport would be able to place fixed odds wagers on win, place and show at all races. Fixed odds allow a bettor to retain the odds at the time of their bet, whereas pari-mutuel odds change up until the last moments before a race.
Horse racing bettors in New Jersey would still have the option to use parti-mutuel odds
Fixed odds are common in Europe in Australia but have faced heavy resistance from tracks in the US, who argue the form of wagering could cut into profits.
New Jersey lawmakers unanimously voted this summer in favor of a fixed odds bill introduced by Republican Assemblyman Ronald Dancer and Democrat Assemblyman Ralph Caputo.
Earlier this year, Monmouth Park agreed to a 10-year deal with Australian sports betting technology company BetMakers, which will oversee implementation of fixed odds at the track.
“We appreciate the continued support from Gov. Murphy and the state legislature, as well as Assembly Speaker Craig Coughlin and Senate President Steve Sweeney, in advancing fixed odds wagering,” said Dennis Drazin, chairman and CEO of Darby Development LLC, operator of Monmouth Park. “It provides our patrons with another wagering option that we firmly believe will be a popular one.”
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